Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
July 30th, 2018
Benefits & Administration
Raytheon Transfers Nearly $1B in Pension Obligations to Prudential
Raytheon announced that it will reduce its pension obligations by $923 million, through the purchase of a group annuity contract from The Prudential Insurance Company of America, a subsidiary of Prudential Financial, Inc. According to details shared by both firms, the agreement transfers the responsibility for paying certain pension benefits to approximately 13,000 U.S. retirees, as well as their beneficiaries, from Raytheon’s previously discontinued operations.Read more >
Four Multiemployer Pension Plans Apply to Reduce Benefits
Four multiemployer pension plans have applied to the Department of the Treasury to reduce their benefits, saying that if the reductions are not made, their funds will become insolvent. They are seeking reductions as high as 50%.Read more >
Products, Deals and People
Retirement Industry People Moves
Portfolio Management Program Joins LPL Platform; Catawba Capital Joins CAPTRUST; GAM Investments Appoints Managing Director; and more.Read more >
Economic Events
THE ECONOMIC WEEK AHEAD: Tomorrow, the Conference Board will reveal its Consumer Confidence Index for July. Wednesday, the Census Bureau will report about construction spending in June. Thursday, the Labor Department will issue its initial claims report, and the Census Bureau will report about factory orders for June. Friday, the Bureau of Labor Statistics will reveal the unemployment rate for July.
MOST READ ARTICLES
1
IRS Announces 2020 Contribution and Benefit Limits
2
The Odds Are Split for Senate SECURE Act Passage This Year
3
Pension Risk Transfer Appetite Is Unabated
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Congressional Leaders Want SECURE Act Passage in 2019
5
Why Americans Need the SECURE Act
Market Mirror

Friday, the Dow was down 76.01 points (0.30%) at 25,451.06, the NASDAQ lost 114.77 points (1.46%) to finish at 7,737.42, and the S&P 500 decreased 18.62 points (0.66%) to 2,818.82. The Russell 2000 fell 32.02 points (1.89%) to 1,663.34, and the Wilshire 5000 closed 248.98 points (0.84%) lower at 29,321.74.

 

The price of the 10-year Treasury note was up 6/32, decreasing its yield to 2.955%. The price of the 30-year Treasury bond increased 11/32, bringing its yield down to 3.082%.

 

WEEK’S WORTH: For the week ending July 27, the Dow closed 1.57% higher, the NASDAQ lost 1.06%, and the S&P 500 increased 0.61%. The Russell 2000 fell 1.97%, and the Wilshire 5000 was up 0.12%.
Sponsored message from MetLife
Retirement Income Gaining Interest Among Plan Sponsors and Participants
MetLife’s Roberta Rafaloff on how employers can help guide employees in terms of structuring retirement income.Read more >
Compliance
Bill Would Establish Personal Savings Accounts Based on TSP
Sen. Jeff Merkley (D-Oregon) has reintroduced the American Savings Act. Modeled on the Thrift Savings Plan (TSP) used by federal workers and members of Congress, it would give every worker who does not already have access to a retirement savings plan through their employer their own personal retirement savings account. Most notably, workers would be able to take these savings accounts with them seamlessly as they switch jobs.Read more >
ERIC Calls Foul in DOL’s Missing Participant Push
The ERISA Industry Committee (ERIC) this week sent a detailed comment letter to Assistant Secretary of Labor Preston Rutledge, encouraging the Department of Labor (DOL) to develop more guidance related to the challenge of employers locating missing retirement plan participants. The ERIC letter asks that until guidance is provided, for the DOL to stop issuing letters that allege an employer has committed a breach of fiduciary duty with respect to the practices utilized to locate missing retirement plan participants.Read more >
Clearing the House, HSA Bills Face Less Certain Senate Consideration
A timely blog post published by Tracy Watts, a senior partner and the U.S. leader for health care reform at Mercer, spells out the main takeaways from this week’s action on health savings accounts (HSAs) in Congress. As Watts points out, House and Senate committees have held several hearings over the past few months on how to expand HSAs. This week representatives cleared two health care bills containing a broad array of policy changes.Read more >
Small Talk
ON THIS DATE: In 1502, Christopher Colmbus landed at Guanaja in the Bay Islands off the coast of Honduras during his fourth voyage. In 1619, the first representative assembly in America convened in Jamestown, Virginia. In 1937, the American Federation of Radio Artists (AFRA) was organized as a part of the American Federation of Labor. In 1942, the WAVES were created by legislation signed by U.S. President Franklin D. Roosevelt. The members of the Women’s Accepted for Volunteer Emergency Service were a part of the U.S. Navy. In 1945, the USS Indianapolis was torpedoed by a Japanese submarine. The ship had just delivered key components of the Hiroshima atomic bomb to the Pacific island of Tinian. Only 316 out of 1,196 men aboard survived the attack. In 1956, the phrase “In God We Trust” was adopted as the U.S. national motto. In 1965, President Johnson signed into law Social Security Act amendments that established Medicare and Medicaid. In 1974, the U.S. House of Representatives Judiciary Committee voted to impeach President Nixon for blocking the Watergate investigation and for abuse of power.
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com

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